Section 104Part 5 — Company Restructuring and Winding UpAmended
Appointment and powers of provisional liquidator
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Amended by LG72/S3
Subject to this section and any rules made under section 155 , the Court may, at any time after the presentation of a winding up petition but before the making of a winding up order, appoint a liquidator provisionally.
An application for the appointment of a provisional liquidator may be made under subsection (1) by a creditor or contributory of the company or, subject to subsection (6), the Authority, on the grounds that —
there is a prima facie case for making a winding up order ; and
the appointment of a provisional liquidator is necessary in order to —
prevent the dissipation or misuse of the company ’ s assets;
prevent the oppression of minority shareholders; or
prevent mismanagement or misconduct on the part of the company ’ s directors.
An application for the appointment of a provisional liquidator may be made under subsection (1) by the company and on such an application the Court may appoint a provisional liquidator if it considers it appropriate to do so.
A provisional liquidator shall carry out only such functions as the Court may confer on that person and that person’s powers may be limited by the order appointing that person.
The remuneration of the provisiona l liquidator shall be fixed by the Court from time to time on that person’s application and the Court shall in fixing such remuneration act in accordance with rules made under section 155 .
An application for the appointment of a provisional liquidator may be presented by the Authority on the grounds under subsection (2), in respect of any company whic h is carrying on a regulated business in the Islands upon the grounds that it is not duly licensed or registered to do so under the regulatory laws or for any other reason as provided under the regulatory laws or any other law regardless of whether or not the Authority presented the winding up petition.